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Last $55.20 USD
Change Today +0.15 / 0.27%
Volume 1.1M
MW On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 8:04 PM 04/17/15 All times are local (Market data is delayed by at least 15 minutes).

men's wearhouse inc/the (MW) Key Developments

The Men's Wearhouse, Inc. Appoints A. Alexander Rhodes as Executive Vice President, General Counsel

On April 13, 2015, A. Alexander Rhodes joined The Men's Wearhouse, Inc. as Executive Vice President, General Counsel. Prior to joining the Company, Mr. Rhodes was with Chico's FAS, Inc., since January 2003 most recently serving as its Executive Vice President-General Counsel and Corporate Secretary.

The Men's Wearhouse, Inc. Enters into Incremental Facility Agreement No. 1 to Certain Credit Agreement

On April 7, 2015, The Men’s Wearhouse, Inc. as borrower, and certain of the company’s subsidiaries, as guarantors, entered into the incremental facility agreement No. 1 to that certain credit agreement, dated as of June 18, 2014, with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto to incur an aggregate principal amount of $400 million in tranche B-1 term loans. The net proceeds of the tranche B-1 term loans were used to refinance a portion of the term loans under the existing credit agreement. As a result, the incurrence of the tranche B-1 term loans did not impact the total amount borrowed under the existing credit agreement. The tranche B-1 term loans mature on June 18, 2021, the same date as the loans under the existing credit agreement. The tranche B-1 term loans are subject to a fixed interest rate equal to 5.0% per annum. The company’s obligations under the tranche B-1 term loans are secured by the same collateral and subject to the same guarantees as the loans under the existing credit agreement. No changes have been made to any restrictive covenants or events of default contained in the existing credit agreement, but certain changes regarding the mechanics and implementation of the Tranche B-1 term loans were pre-agreed with the lenders of the tranche B-1 term loans.

The Men's Wearhouse, Inc. Announces Opening of Joseph Abboud Store in New York City

The Men's Wearhouse, Inc. announced the opening of a Joseph Abboud store, located at 424 Madison Avenue in New York City. The 4,300 square foot location was designed and styled collaboratively by Jeffrey Hutchison & Associates and Joseph Abboud, and is reminiscent of London's Savile Row. The store encompasses the full breadth of Abboud's designer collection including tailored clothing made of fine Italian fabrics, sportswear, outerwear, dress furnishings, footwear, Joseph Abboud Custom, and the new Joseph Abboud fragrance.

The Men's Wearhouse, Inc. Declares Quarterly Cash Dividend, Payable on June 26, 2015

The Men's Wearhouse, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.18 per share on the company's common stock, payable on June 26, 2015 to shareholders of record at the close of business on June 16, 2015.

The Men's Wearhouse, Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended January 31, 2015; Provides Earnings Guidance for the Year 2015 and 2015

The Men's Wearhouse, Inc. announced earnings results for the fourth quarter and full year ended January 31, 2015. For the quarter, the company reported total net sales of $928,359,000 against $560,552,000 a year ago. Loss before income taxes was $68,472,000 against $50,766,000 a year ago. Net loss attributable to common shareholders was $35,922,000 against $30,447,000 a year ago. Net loss per basic and diluted share attributable to common shareholders was $0.75 against $0.64 a year ago. Adjusted operating income was $24,894,000 against adjusted operating loss of $30,759,000 a year ago. Adjusted net loss attributable to common shareholders was $1,313,000 against $17,854,000 a year ago. Adjusted net loss per diluted common share attributable to common shareholders was $0.03 against $0.38 a year ago. GAAP operating loss was $42.0 million compared to GAAP operating loss of $49.7 million a year ago. For the year, the company reported total net sales of $3,252,548,000 against $2,473,233,000 a year ago. Operating income was $73,210,000 against $129,628,000 a year ago. Earnings before income taxes were $5,376,000 against $126,808,000 a year ago. Net loss attributable to common shareholders was $387,000 against net earnings of $83,791,000 a year ago. Net loss per basic and diluted share attributable to common shareholders was $0.01 against net income per diluted common share attributable to common shareholders of $1.70 a year ago. Net cash provided by operating activities was $94,764,000 against $188,930,000 a year ago. Capital expenditures were $96,420,000 against $108,200,000 a year ago. Adjusted operating income was $257,617,000 against $168,475,000 a year ago. Adjusted net income attributable to common shareholders was $124,796,000 against $109,304,000 a year ago. Adjusted net income per diluted common share attributable to common shareholders was $2.58 against $2.21 a year ago. In connection with the acquisition of Jos. A. Bank, debt at the end of the fourth quarter was approximately $1.7 billion. The company expected looking forward to the growth in sales and gross margins that it anticipates achieving in late 2015 and into 2016. The company expects adjusted diluted earnings per share in a range of $2.70 to $2.90, an increase of 13.9% to 22.4% over the prior year historical baseline diluted earnings per share of $2.37. The historical baseline diluted earnings per share is calculated using adjusted weighted average diluted shares of 48.2 million, adjusted tax rate of 34.8% and the expected fiscal year 2015 and net interest expense of approximately $105 million.

 

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